Comparison sites states 95% approval but rejected

Options
MrsYa8
MrsYa8 Posts: 53 Forumite
First Anniversary First Post Name Dropper
Hi...

I was just wondering if you any one can explain why on a comparison site states 95% chance of approval but my loan was rejected. 

We are looking for a personal loan for house improvements. We have only just moved in to the property (Dec) so I am wondering if this could be the issue. 

Can some one advise whether I should just ignore comparison sites approval scores? Also how long after a house move to wait to apply for a loan. Would the change of address be causing an issue on my credit file. 

Comments

  • [Deleted User]
    Options
    It's because you had a 5% chance of rejection and you fell into that 5%.

    A change of address can be challenging for credit in the short term, but it's just one factor. Give it three months or so and then try somewhere else.

    Lenders' own eligibility checkers will give you the highest degree of accuracy.
  • Sncjw
    Sncjw Posts: 3,509 Forumite
    First Anniversary Name Dropper First Post
    Options
    Because the elwgibilty checkers don't lend to you. Also based on income, current debts, outgoings,  and many other factors. 

    Could you just do a bit at a time. 
    Mortgage free wannabe 

    Actual mortgage stating amount £75,150

    Overpayment start date 1/3/23.

    Starting balance £66,565.45

    Current balance £63,787.16

  • Sandtree
    Sandtree Posts: 10,628 Forumite
    First Anniversary First Post Name Dropper
    Options
    MrsYa8 said:
    Hi...

    I was just wondering if you any one can explain why on a comparison site states 95% chance of approval but my loan was rejected. 

    We are looking for a personal loan for house improvements. We have only just moved in to the property (Dec) so I am wondering if this could be the issue. 

    Can some one advise whether I should just ignore comparison sites approval scores? Also how long after a house move to wait to apply for a loan. Would the change of address be causing an issue on my credit file. 
    Because the comparison site is just guessing? 

    You are much better off looking at either lenders that have a soft search/pre-application checker as clearly they do know their own criteria and whilst even with a 95% chance it means one in twenty will be declined you can have much more confidence in the percentage. Alternatively certainly with ClearScore they can give "guaranteed" acceptance in their results at times and to date the times we've used it all guarantees have been accepted (even though one lender had said no on a soft search on their own website)
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards